Which of the following best describes comparative advantage?
A)being able to produce more output than any other country
B)using the fewest number of resources to produce a given amount of output
C)forgoing the fewest units of one product to produce a unit of another product
D)having the largest number of resources compared to other countries
E)It is the same as absolute advantage.

Question

Quizplus · Accepted Answer

Comparative advantage refers to the ability of a country to produce a good at a lower opportunity cost than another country, meaning it forgoes fewer units of one product to produce a unit of another product.

Which of the Following Best Describes Comparative Advantage